Comments on: BetFair’s brand-new matching-bet logic is endorsed by the Chairman of the Midas Oracle Advisory Board.

By: Chris F. Masse

Chris F. Masse — Thu, 20 Mar 2008 07:48:35 +0000

Dave,
-
Midas Oracle was created exactly to foster the dialogue between economists interested in prediction markets and betting exchanges (like Michael Giberson) and event derivative traders (like you).
-
Michael Giberson has shown (privately, mainly, and a bit publicly) that he has been fully attentive to all the details emerging from the last week.
-
In return, I am asking you to understand that Michael Giberson bases his analysis on the economic science… Science is what we believe in, here at Midas Oracle.
-
If you follow this blog on the long term, you’ll see that we try to learn from the economists… while at the same time giving airtime to traders and traders’ issues… I like this mix. It’s why Midas Oracle is special. On the other forums, you will never see economists… Here there are plenty (at least, reading us)… Let’s take that as a great chance for us…

By: Michael Giberson

Michael Giberson — Thu, 20 Mar 2008 02:15:27 +0000

Dave, you may be right, and thanks for taking an interest in my image.Â Â Personally, I’m no good at it.
.
For better or worse, I’m living in the U.S. where I’m unable to bet in the BetFair exchanges.Â It allows me to take a somewhat academic view, since none of my money is at stake.Â On the other hand, about all I know about what happens at BetFair and the other exchanges is what I read online.

By: Dave

Dave — Thu, 20 Mar 2008 01:04:51 +0000

Michael, I hate to be seen as too critical but you’re really coming across as a right plum. I’m beginning to doubt you understand the issues connected with markets with more than one potential outcome and just swallow the Betfair PR spin as and when they give it.

By: Chris F. Masse

Chris F. Masse — Wed, 19 Mar 2008 22:24:42 +0000

BetFair has just postponed the implementation of their new bet matching logic… just so they can make improvement to it… But basically, they are in the right direction, shall we say?
http://www.midasoracle.org/2008/03/19/betfair-q-and-a/

By: Michael Giberson

Michael Giberson — Wed, 19 Mar 2008 22:21:29 +0000

Well, we see now that if they opened Champagne bottles in HammerSmith a few days ago, when Chris mentioned it, it was too soon to celebrate.
.
In a few weeks, when they release the new routine with price improvement, then they should celebrate, and the traders with them.

(And actually, given what BetFair has said, traders should have already been celebrating the improvement in matching, only it hasn’t been clear just what BetFair has been doing behind the scenes.

On the whole, though, even given all the various public criticisms and some of it in quite strong terms, BetFair should take some comfort from it. Their customers clearly care about the service that BetFair provides, and would rather complain bitterly while still using the service, than to take their business to a competitor.)

By: BetFair withdraws/improves its brand-new matching-bet logic, which was (kind of) endorsed by the Chairman of the Midas Oracle Advisory Board. | Midas Oracle .ORG

Wed, 19 Mar 2008 11:39:07 +0000

[...] Via Dave, BetFair: Changes to Betfairâ€™s bet matching logic – update [...]

By: Chris F. Masse

Chris F. Masse — Wed, 19 Mar 2008 11:24:11 +0000

Dave,
-
1. I will take a look at your link. Thanks.
-
2. For your information, at Midas Oracle, we are rather in favor of free markets and betting exchanges (like BetFair or InTrade).
-
3. But as the same time, we can be very critical of these exchanges, at times. Dave, search for "BetFair blog" or "North Korea Missile" on Midas Oracle, and we’ll see what I mean.

By: Dave

Dave — Wed, 19 Mar 2008 11:18:51 +0000

Chris ,you may wish to link to http://site.forum.betfair.com/jive3/betex/ThreadsFrameset.jsp?forumID=9&forumName=Service&threadID=1436324Â as Betfair have now backed down at the 11th hour and withdrawn the bet matching software. I think the Q&A will now become a damage limitation exercise rather than an explanation of the reasoning behind the changes made. All in all a good victory for common sense. I think Chris should be thanked for allowing treads like this to run as we all know certain things would not be allowed to run their course on the Betfair forums without the misinformation that seems to come out on mass within their forum as soon as any criticism of Betfair is raised.

By: Rab Bibater

Rab Bibater — Sun, 16 Mar 2008 20:58:03 +0000

http://www.asa.org.uk/asa/search/search.htm?xsearch=betfair

By: Rab Bibater

Rab Bibater — Sun, 16 Mar 2008 20:57:23 +0000

You will find references to cases involving Betfair here; http://www.asa.org.uk/asa/search/search.htm?xsearch=betfair The one with William Hill should be there, otherwise perform a search; or email them.